The Monetary Transmission Mechanism in the Euro Area Level: Issues and Results Using Structural Macroeconomic Models (Mtn Conference Paper)

McAdam, Peter; Morgan, Julian Benedict

doi:10.2139/ssrn.356281

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The Monetary Transmission Mechanism in the Euro Area Level: Issues and Results Using Structural Macroeconomic Models (Mtn Conference Paper)

56 Pages Posted: 7 Feb 2003

See all articles by Peter McAdam

Julian Benedict Morgan

European Central Bank (ECB)

Date Written: December 2001

Abstract

This paper addresses some of the issues faced by macroeconomic model builders in analysing the monetary transmission mechanism. These include the sensitivity of the policy simulation results to changes in the monetary and fiscal policy rule and the introduction of forward-looking behaviour in the model. To illustrate the importance of these issues the paper reports the results of variant monetary policy simulations at the euro-area level using the AWM and NiGEM models.

Keywords: Monetary transmission mechanism, euro area, macro models

JEL Classification: C50, C52, E5

Suggested Citation: Suggested Citation

McAdam, Peter and Morgan, Julian Benedict, The Monetary Transmission Mechanism in the Euro Area Level: Issues and Results Using Structural Macroeconomic Models (Mtn Conference Paper) (December 2001). Available at SSRN: https://ssrn.com/abstract=356281 or http://dx.doi.org/10.2139/ssrn.356281